The acquisition of the Pavilion Shopping Centre, in Thornaby-on-Tees, marks a major investment for the company. In the past 12 months, it has acquired 26 centers across the country, from small, local convenience parades to larger shopping schemes. The Pavilion Centre comprises 270,000 sq ft of retail accommodation and is anchored by a 100,000 sq ft ASDA at one end and a 17,500 sq ft Lidl at the other. It also includes the town’s refurbished town library and the leisure center.
Julian Diamond, retail director at LCP, said: “We have set ourselves ambitious targets to acquire new retails sites and are pleased to have secured The Pavilion Centre in Thornaby. This thriving center has a wide range of both nationally recognised high street names and local retailers, and we’re now examining the portfolio to see where we can add value, whether that’s attracting new tenants or instigating improvements.”
James Buchanan, investment director at LCP, added: “Our investment in Thornaby-on-Tees signals our serious intent to continue focusing on the retail sector. Having undergone an extensive £30 million refurbishment in 2009, it is a superb offer for the local community. Our aim is to continue adding value and our asset managers will be working hard to ensure it remains the main retail focus for the town and provides the services that the local community need on their doorstep.”
Last year, LCP maintained a 93% occupancy rate on its retail portfolio and invested more than £150 million in new retail schemes. Occupiers at The Pavilion Centre include Wilko, Boyes, Home Bargains, Boots and Iceland, plus the Golden Eagle Hotel. It has about 700 car parking spaces and is located close to the A66 and A19 via Acklam Avenue.